Industrial Metaverse Market worth $228.6 billion by 2029 – Exclusive Report by MarketsandMarkets™

CHICAGO, July 18, 2024 /PRNewswire/ — The global industrial metaverse market is projected to reach USD 228.6 billion by 2029 from USD 28.7 billion in 2024; it is expected to grow at a CAGR of 51.5% according to a new report by MarketsandMarkets™. Key factors propelling the market growth include the rising adoption of digital twins, Advancement in core technologies such as AR, VR, AI, and IoT, rising demand for efficiency and optimization in industrial sector, and addressing skill gaps and workforce challenges through industrial metaverse. Moreover, continuous developments in 5G/6G, and integration of blockchain technology within industrial metaverse are expected to create significant opportunities for the industrial metaverse market.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=156427935

Browse in-depth TOC on “Industrial Metaverse Market” 
192 – Tables
69 – Figures
267 – Pages

Industrial Metaverse Market Report Scope:

Private 5G technology segment to grow at a significant CAGR during the forecast period.

During the forecast period, the Private 5G technology is expected to grow at a significant CAGR owing to its benefits such as seamless connectivity, low-latency communication, and advanced automation for optimized operations for industries. In the industrial metaverse, private 5G acts as the dedicated, high-performance nervous system, which enables real-time control and interaction as its ultra-low latency allows seamless interaction between physical machines and their digital twins in the metaverse. It enables secure, and isolated network as it provides a private environment for sensitive industrial data and processes within the metaverse. It helps in enabling massive device connectivity as private 5G supports the vast number of sensors and devices needed to create a detailed and interactive digital representation of an industrial environment.

Oil & Gas end user segment to grow at higher CAGR between 2024 and 2029.

In the oil & gas industry, digital twins play an important role in predicting behavior of machines, systems, factories, and processes, which is essential for future productivity and infrastructure growth. For oil & gas industry, engineers can remotely monitor and control offshore platforms and pipelines using AR technology. This reduces the need for on-site personnel, improves safety and reduces operational costs. Highly realistic VR simulations help in training personnel for various tasks, from handling emergencies to conducting intricate maintenance procedures. The industrial metaverse helps oil & gas companies to optimize processes and reduce operational costs.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=156427935

Europe region is likely to offer significant growth opportunities in the global industrial metaverse market during the forecast period.

Industry 4.0 adoption, strong emphasis on technological advancements, proactive approach to digital transformation, and focus on sustainability are expected to be the drivers for the industrial metaverse industry in the European region. The increasing adopting to AR & VR, and digital twin by German automotive industry, adoption of edge computing and AI technologies by private sector industries in UK, and its strong government support, and increasing adoption in aerospace industry in France are the significant drivers for countries in the UK.

Key players in the industrial metaverse companies include NVIDIA Corporation (US), Microsoft (US), Siemens (Germany), Amazon Web Services, Inc. (US), IBM (US), Meta (US), HTC Corporation (Taiwan), ABB (Switzerland), PTC (US), Dassault Systèmes (France), GE Vernova (US), Intel Corporation (US), AVEVA Group Limited (UK),  Alphabet, Inc. (US), and Nokia (Finland).

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=156427935

Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

Related Reports: 

Augmented and Virtual Reality Market Size, Share & Industry Growth Analysis Report by Enterprise (Small, Medium, Large), Technology (AR and VR), Offering (Hardware, Software), Device Type (AR, VR Devices), Application (AR Application, VR Application) and Region – Global Forecast to 2028

Digital Twin Market Size, Share, Statistics and Industry Growth Analysis Report by Application (Predictive Maintenance, Business Optimization, Performance Monitoring, Inventory Management), Industry (Automotive & Transportation, Healthcare, Energy & Utilities), Enterprise and Geography – Global Growth Driver and Industry Forecast to 2028

AR and VR Display Market by Device Type (AR HMDs, VR HMDs, AR HUDs, VR Projectors), Technology, Display Technology (LCD, OLED, Micro-LED), Application (Consumer, Commercial, Enterprise, Healthcare, Aerospace & Defense) & Region – Global Forecast to 2028

Augmented and Virtual Reality in Healthcare Market by Offering (Hardware and Software), Device Type, End User, Application (Patient Care Management, Medical Training & Education, Pharmacy Management, Surgery), and Geography – Global Forecast to 2023

Industrial IoT Market by Offering (Hardware (Processors, Connectivity ICs, Sensors, Memory Devices, Logic Devices), Software (PLM, MES, SCADA, OMS), Platforms), Connectivity Technology, Deployment, Vertical and Region – Global Forecast to 2029

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/industrial-metaverse-companies.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/industrial-metaverse.asp

Logo: https://digitalmedianet.com/wp-content/uploads/2024/07/MarketsandMarkets-3.jpg

View original content:https://www.prnewswire.com/news-releases/industrial-metaverse-market-worth-228-6-billion-by-2029—exclusive-report-by-marketsandmarkets-302200441.html

SOURCE MarketsandMarkets